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Go to: News or Articles or Public Holidays in the BVI
The IBC Act 1984 - The Partnership Act 1996
The news items highlighted below are not meant to be a representation of the views or opinions of Shirley Trust Company Limited or its staff, but are merely highlighting some of the issues currently being addressed in the offshore world.
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
FATF PRESS RELEASE
Revision of the Forty Recommendations
The Financial Action Task Force ( FATF)
issued its revised Forty
Recommendations to combat money laundering at the conclusion of the final
Plenary meeting under the Presidency of Germany. Commenting on the
Recommendations, FATF President Jochen Sanio said: "In updating its Forty
Recommendations against money laundering, the FATF has accomplished one of the
most important tasks it has undertaken since its inception in 1989."
The main priority of the FATF during 2002-2003 ( see
annual report ) has been to complete the revision of the Forty
Recommendations, the international anti-money laundering standard. The revision
makes significant changes, which when combined with the Eight Special
Recommendations, create a comprehensive, consistent and substantially
strengthened international framework for combating money laundering and
terrorist financing.
The major changes that have been adopted include:
The revised Recommendations set a new standard, which
FATF members will immediately start working to implement. The FATF encourages
other countries and jurisdictions to do likewise. The FATF will also be moving
promptly to assess members' compliance with this standard as part of its
programme of work for FATF-XV (2003-2004). This will occur through a process of
self-assessment, which is then to be followed by a further round of mutual
evaluations which could start before the end of 2004.
New members of FATF
The FATF also announced that South Africa and the
Russian Federation have been admitted as full members of the FATF following a
positive outcome to the first mutual evaluations - which assessed their systems
for combating money laundering and terrorist financing. The addition of South
Africa and the Russian Federation to its membership strengthens the FATF's
representation worldwide.
Non-cooperative countries and territories
The FATF removed St. Vincent and the Grenadines from the
list of Non-Cooperative
Countries and Territories (NCCTs). In line with past practice, the FATF will
continue to monitor closely the implementation of the anti-money laundering
system in this jurisdiction.
The current list of NCCTs is as follows: Cook
Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines and
Ukraine. Accordingly, the FATF calls on its members to update their
advisories requesting that their financial institutions give special attention
to businesses and transactions with persons, including companies and financial
institutions, in listed countries or territories, to take into account the
changes in the list.
The FATF welcomed further progress made by some of the
jurisdictions on the list. Egypt, Guatemala, and the Philippines will be invited
to submit implementation plans to enable the FATF to evaluate the actual
implementation of their legislative changes. The FATF welcomes the continued
progress of Ukraine to improve its anti-money laundering system and encourages
the Ukrainian authorities to pursue their efforts. If Ukraine maintains its
current pace of reform it may be asked to submit an implementation plan in the
near future. The FATF welcomes Nauru's recent legislative efforts to eliminate
offshore shell banks and encourages Nauru to take additional steps to ensure
that shell banks cease to operate and cease banking activity. At its next
Plenary meeting on 1 to 3 October 2003, the FATF will review again the situation
of each NCCT.
Terrorist Financing
The FATF has also actively pursued its activities to
counter terrorist financing. In order to assist countries to implement effective
measures to combat the financing of terrorism, further interpretation and
guidance have been developed since October 2002 on the Eight Special
Recommendations, including with respect to informal money transfer systems (SR
VI), wire transfer requirements (SR VII) and non-profit organisations (SR VIII).
There has also been a collaborative effort between the
FATF, the United Nations and other international organisations, to encourage all
countries to implement the Special Recommendations. The Recommendations have now
been endorsed by many non-FATF members and international organisations and
bodies, and 130 jurisdictions are participating in the FATF self-assessment
exercise. This will enable FATF to assist the IMF, World Bank, UN and other
donors, including the recently-created Counter Terrorism Action Group, to
prioritise their offers of technical assistance with respect to implementing the
Eight Special Recommendations on Terrorist Financing.
Collaboration between FATF and the IFIs
July 2002 - OECD The Accounts or Filing and Auditing Requirement (PDF format)
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
Panama and the OECD on International Tax Cooperation: Presenting the case of a Real Economy by José Miguel Aleman (Minister of Foreign Relations of The Republic of Panama). Jose Miguel Aleman, The Republic of Panama’s Minister of Foreign Relations, spoke before the International Bar Association Conference in Durban, South Africa. (October 20 - 25, 2002)
October 2002 - ARA response to the OECD Accounts or Filing and Auditing Requirements
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
Legislative Council passes four bills. October 3, 2003 Legislators approved four bills during the Sixth Sitting of the First Session of the Fifteenth Legislative Council of the Virgin Islands held at Council Chambers in Road Town on Tuesday September 30th. The Virgin Islands Special Trusts Act, 2003; Trustee (Amendment) Act, 2003; Property (Miscellaneous Provisions) Act, 2003 and the Audit Act, 2003, all had their Second and Third Readings. [full story]
FirstCaribbean Intl. Bank celebrates official launching in the BVI: September 5, 2003 FirstCaribbean International Bank introduced its new visual appearance and customer service model to customers in the British Virgin Islands, at an official ceremony at its Wickhams Cay branch in Road Town on Monday and on Virgin Gorda on Tuesday. [full story]
BVI FSC Chief Warns Of Challenges Ahead For Finance Centre, by Amanda Banks www.tax-news.com (1/10/02) Robert Mathavious, CEO of the British Virgin Islands' Financial Services Commission (FSC) last week warned of challenges ahead for the jurisdiction's financial services sector, but predicted that they will be successfully overcome if the BVI government, the finance centre, and the regulatory body all work together. [full story]
September 2002 - Speech by Robert A. Mathavious - Is there a future for the BVI Financial Services Industry?
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
October 2002 - The US Threatens The Development Of Offshore E-Commerce, by Mike Godfrey www.tax-news.com (24/10/02) If e-commerce in general, and offshore e-commerce in particular, failed at first to take off like the anticipated rocket, then a good part of the blame must be attached to the lack of adequate, secure payment systems on the Internet. [full story]
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
OECS Ministers Meet To Discuss Regional Economic Strategy (11/10/02), by Amanda Banks, www.tax-news.com - On the agenda for Thursday's meeting, according to St Kitts and Nevis Prime Minister, Denzil Douglas were issues such as information technology development, the efficient provision of international financial services, tourism development, and the importance of ensuring 'proper fiscal management'. [FULL STORY]
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
OECD & FATF initiatives Reactions to the OECD & FATF initiatives BVI Local News E Commerce Offshore Havens News Other news
As Shirley & Associates is a new company, we are only beginning to prepare articles of interest. You may want to search for topics by keyword. If there is a particular topic that interests you, please do not hesitate to contact us for more information.
Clarification on the Application of the Permanent Establishment definition in E-Commerce. OECD PDF file.
FATF Progress Report Public Statement of FATF: Progress Report on Non-Cooperative Countries and Territories. PDF File. [Available at Tax-News.com]